🔥 Ethereum Has Trouble With $1275: Here's Why
Over the last couple of weeks, ETH has constantly bounced off the $1275 area. Even yesterday ETH bounced off this area again, even though it managed to reach higher above $1275 than it has done in the previous three occasions.
The $1275 area is such an important resistance because it has been so in the past. The most recent retest of $1275 was in March 2021, where the price quickly wicked to said area before making a push towards $4000.
Furthermore, $1275 was a very important point on inflection during the previous bull-market. In the screenshot below you can see that ETH has tested $1275 twice and made a fake-out one other time.
Hopefully we can close a daily candle above $1275 in the near future. This could signal the start of a stronger and longer-term bull trend. However, if we keep rejecting from $1275 the bulls might run out of cash very soon, giving more ammunition to the bears to drive the price towards $1000 and lower.
The $1275 area is such an important resistance because it has been so in the past. The most recent retest of $1275 was in March 2021, where the price quickly wicked to said area before making a push towards $4000.
Furthermore, $1275 was a very important point on inflection during the previous bull-market. In the screenshot below you can see that ETH has tested $1275 twice and made a fake-out one other time.
Hopefully we can close a daily candle above $1275 in the near future. This could signal the start of a stronger and longer-term bull trend. However, if we keep rejecting from $1275 the bulls might run out of cash very soon, giving more ammunition to the bears to drive the price towards $1000 and lower.
🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.